Asia Distillates-Jet fuel refining profits dip to lowest in over a month

    SINGAPORE, Jan 5 (Reuters) - Asian refining margins for jet fuel slumped to their lowest in
over a month on Tuesday, as renewed travel bans to contain a new COVID-19 variant cast serious
doubts over aviation demand recovery in the near term.
    Refining margins, or cracks, for jet fuel dropped to $4.05 per barrel over
Dubai crude on Tuesday, the lowest since Dec. 2. They were at $4.80 a barrel on Monday.
    The jet fuel cracks in Singapore, which stooped to record lows in 2020 and averaged $3.02
per barrel over Dubai crude last year, remains at their weakest seasonal level on record for
this time of the year, Refinitiv Eikon data showed.
    Vietnam has proposed suspending or limiting incoming flights from at least 34 countries and
territories that have detected cases of the new COVID-19 variant first found in Britain, while
Kuwait was suspending direct commercial flights to and from Britain as of Wednesday.
    Cash differentials for jet fuel JET-SIN-DIF were at a discount of 10 cents per barrel to
Singapore quotes on Tuesday, compared with a 12-cent discount a day earlier.
    - A group representing major U.S. airlines on Monday backed a proposal by public health
officials to implement a global testing program requiring negative tests before most
international air passengers return to the United States, according to a letter seen by Reuters.

    - Airlines for America, which represents American Airlines, United Airlines,
Delta Air Lines and other major carriers, also urged the Trump administration in a
letter to Vice President Mike Pence "to move ahead with recommendations to rescind current entry
restrictions on travelers from Europe, the United Kingdom and Brazil as soon as possible ...
concurrently with the testing program."
    - One gasoil deal, no jet fuel trades

    - Oil prices inched up on Tuesday as tension around Iran's seizure of a South Korean vessel
simmered and after it emerged that the OPEC+ group is studying a possible production cut in
February, according to a document.
 CASH ($/T)             ASIA CLOSE       Change   % Change   Prev Close   RIC
 Spot Gas Oil 0.5%                54.35    -2.64      -4.63        56.99  GO-SIN
 GO 0.5 Diff                      -1.53     0.01      -0.65        -1.54  GO-SIN-DIF
 Spot Gas Oil 0.25%               54.45    -2.64      -4.62        57.09  GO25-SIN
 GO 0.25 Diff                     -1.43     0.01      -0.69        -1.44  GO25-SIN-DIF
 Spot Gas Oil 0.05%               54.55    -2.64      -4.62        57.19  GO005-SIN
 GO 0.05 Diff                     -1.33     0.01      -0.75        -1.34  GO005-SIN-DIF
 Spot Gas Oil 0.001%              55.66    -2.68      -4.59        58.34  GO10-SIN
 GO 0.001 Diff                    -0.22    -0.03      15.79        -0.19  GO10-SIN-DIF
 Spot Jet/Kero                    54.11    -2.64      -4.65        56.75  JET-SIN
 Jet/Kero Diff                     -0.1     0.02     -16.67        -0.12  JET-SIN-DIF
 For a list of derivatives prices, including margins,                                    
 please double click the RICs below.                                      
 Brent M1                                                                                
 Gasoil M1                                                                               
 Gasoil M1/M2                                                                            
 Gasoil M2                                                                               
 Regrade M1                                                                              
 Regrade M2                                                                              
 Jet M1                                                                                  
 Jet M1/M2                                                                               
 Jet M2                                                                                  
 Gasoil 500ppm-Dubai                                                                     
 Cracks M1                                                                
 Gasoil 500ppm-Dubai                                                                     
 Cracks M2                                                                
 Jet Cracks M1                                                                           
 Jet Cracks M2                                                                           
 East-West M1                                                                            
 East-West M2                                                                            
 LGO M1                                                                                  
 LGO M1/M2                                                                               
 LGO M2                                                                                  
 Crack LGO-Brent M1                                                                      
 Crack LGO-Brent M2                                                                      
 (Reporting by Koustav Samanta; Editing by Shailesh Kuber)